Cetera Investment Advisers raised its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 19.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,226 shares of the company's stock after acquiring an additional 11,948 shares during the period. Cetera Investment Advisers owned approximately 0.05% of Cummins worth $22,638,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. GAMMA Investing LLC grew its position in shares of Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after acquiring an additional 1,188,276 shares during the period. Northern Trust Corp grew its holdings in Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after purchasing an additional 246,807 shares during the period. Neuberger Berman Group LLC increased its position in shares of Cummins by 57.0% in the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock valued at $224,317,000 after buying an additional 233,694 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in Cummins by 5,553.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 134,052 shares of the company's stock valued at $46,731,000 after acquiring an additional 131,681 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Cummins in the 4th quarter worth $45,015,000. 83.46% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
CMI has been the subject of a number of research reports. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. UBS Group cut Cummins from a "buy" rating to a "sell" rating and reduced their target price for the company from $400.00 to $240.00 in a report on Monday, April 7th. Citigroup restated a "buy" rating and issued a $360.00 target price (up previously from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Robert W. Baird boosted their price target on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Finally, Evercore ISI decreased their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Cummins currently has a consensus rating of "Hold" and a consensus target price of $361.92.
View Our Latest Stock Analysis on Cummins
Cummins Stock Up 0.4%
CMI stock traded up $1.60 during mid-day trading on Monday, reaching $371.12. The company had a trading volume of 805,884 shares, compared to its average volume of 882,899. The firm has a fifty day simple moving average of $331.07 and a 200 day simple moving average of $330.80. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The company has a market capitalization of $51.13 billion, a price-to-earnings ratio of 18.46, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.
Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the previous year, the firm earned $5.08 earnings per share. The firm's quarterly revenue was down 2.7% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.
Cummins Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This is a boost from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 2.16%. Cummins's dividend payout ratio (DPR) is currently 36.22%.
Insider Transactions at Cummins
In other Cummins news, Director John H. Stone acquired 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director owned 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is owned by company insiders.
Cummins Company Profile
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Free Report)
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.
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